GENNUM CORP. $4.40 (Toronto symbol GND; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 35.6 million; Market cap: $156.6 million; Price-to-sales ratio: 1.0; SI Rating: Above Average) makes equipment that stores, manipulates and transfers video signals. Foreign markets account for 85% of its total sales.
Gennum spends nearly 30% of its revenue on research, which helps it maintain its high share of this niche market. Gennum has $48.7 million, or $1.37 a share, in cash, and just $2 million in debt (all amounts in U.S. dollars except share price and market cap), so it can afford these research costs.
In the year ended November 30, 2008, earnings rose 6.9%, to $0.62 a share, for a total of $22.0 million, from $0.58 a share ($20.9 million) a year earlier. These figures exclude unusual items. Sales grew 24.7%, to $126.9 million from $101.8 million.
Earnings per share will probably shrink to $0.50 U.S. in 2009 as falling advertising revenues leave TV broadcasters with less cash to spend on new equipment. The stock trades at 7.1 times that figure. The $0.14 (Canadian) dividend yields 3.2%.
Gennum is a buy.
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